UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

PRA Group, Inc.

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(Exact name of registrant as specified in its charter)

Not Applicable

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Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Principal Officers.

(b) On April 17, 2023, PRA Group, Inc. (the “Company”) announced that Christopher B. Graves, Executive Vice President, Global Investments and Analytics Officer, will retire from the Company on May 12, 2023 (the “Effective Date”), due to personal health reasons. Mr. Graves will receive separation payments that are consistent with a termination due to disability under the (1) existing employment agreement between him and the Company and (2) agreements governing equity awards outstanding on the Effective Date that were granted to him pursuant to the Company’s Omnibus Incentive Plans. See the Company’s Current Report on Form 8-K filed with the SEC on December 23, 2020, for further information. In connection with his termination, Mr. Graves has agreed to provide the Company with a general release of claims and will remain subject to certain non-compete and non-solicitation provisions for 18 months following his separation from the Company.

Item 7.01 Regulation FD Disclosure.

On April 17, 2023, the Company issued a press release announcing Mr. Graves retirement from the Company. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Item 7.01 by reference.

None of the information furnished in Item 7.01 or Exhibit 99.1 of this Current Report on Form 8-K shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that Section. Unless expressly set forth by specific reference in such filings, none of the information furnished in this Current Report on Form 8-K shall be incorporated by reference in any filing under the Securities Act of 1933, as amended, whether made before or after the date hereof and regardless of any general incorporation language in such filings.

Item 9.01 Financial Statements and Exhibits.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Document

PRA Group Appoints Experienced Leader Owen James as Global Investments Officer

James brings 30 years of industry experience, with the most recent 10 years at PRA Group.

NORFOLK, Va., April 17, 2023 — PRA Group, Inc. (NASDAQ: PRAA) (the “Company), a global leader in acquiring and collecting nonperforming loans, has announced the appointment of Owen James as global investments officer, effective April 7. PRA Group also announced today that Chris Graves, executive vice president and global investments and analytics officer, is retiring for personal health reasons, effective May 12, 2023.

James has been with PRA Group for more than a decade, most recently as managing director of acquisitions. He has led the Company’s investments in Europe and has served on the European senior management team. Over the past five years, PRA Group’s European business has delivered strong results and has grown to become a significant driver of the Company’s overall performance, with more than $2 billion invested in portfolios across 11 European markets. In 2022, James also began leading investments in the Australian market. James joined PRA Group as part of the Company’s first entry into Europe through the acquisition of Mackenzie Hall Holdings in 2012.

“It is an honor to serve in this role at PRA Group as the Company continues its impressive growth across expanding geographies. I look forward to executing a successful global investment strategy—creating and capitalizing on PRA’s global market potential while building upon foundational principles like pricing discipline,” said James.

James has more than 30 years of experience in the global nonperforming loan industry, leading operations, business development and investments. Prior to joining PRA Group, he worked for more than 15 years in a variety of senior roles at Intrum Justitia, a major European debt servicer and buyer.

James has assumed responsibility for PRA Group’s global portfolio investments and has joined the senior leadership team, reporting directly to President and CEO Vikram “Vik” Atal.

“Owen’s extensive knowledge of the industry, experience within PRA Group and track record of global success makes him a great fit to drive our global investment strategy. He will help us expand into newer markets and continue to actively explore opportunities to grow our core business across clients, products and geographies, further positioning us as a global enterprise,” said Atal. “We would like to give a warm thank you to Chris for his extensive contributions to PRA Group over the last 17 years, and we wish him all the best as he focuses on his health and family.”

“I would like to thank the PRA Group team for an incredible 17 years. The Company is in excellent hands with Owen in the role of global investments officer, and I have every confidence in his ability to navigate the increase in supply that we expect to see in the coming months,” said Graves.

About PRA Group

As a global leader in acquiring and collecting nonperforming loans, PRA Group, Inc. returns capital to banks and other creditors to help expand financial services for consumers in the Americas, Europe and Australia. With thousands of employees worldwide, PRA Group companies collaborate with customers to help them resolve their debt. For more information, please visit www.pragroup.com.

Media Contact: Elizabeth Kersey Senior Vice President, Communications and Public Policy (757) 431-3398 Elizabeth.Kersey@PRAGroup.com

Investor Contact: Najim Mostamand, CFA Vice President, Investor Relations (757) 431-7913 IR@PRAGroup.com

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